According to a recent report by Fortune Business Insights™ titled "Aircraft Landing Gear Market Forecast, 2021-2028", the global aircraft landing gear market size is expected to reach USD 18.66 billion by 2028, with a compound annual growth rate (CAGR) of 7.09% during the forecast period. The report highlights the rapid development in air transport dynamics as the primary driver of market growth. The International Civil Aviation Organization (ICAO) reported that in 2018, the number of air travelers worldwide was 4.3 billion, representing a 6.4% increase from 2017.
List of Top Players Covered in the Report:
CIRCOR International, Inc.
GKN Aerospace Services Ltd.
Hawker Pacific Aerospace
Magellan Aerospace Corporation
SPP Canada Aircraft, Inc.
Triumph Group, Inc.
UTC Aerospace Systems
Grave Safety Risks Posed by Conventional Landing Gear to Create New Growth Opportunities
Conventional landing gear, also known as tailwheels, have been commonly used in traditional airplanes and some older aircraft models, but they pose significant safety risks. These landing gear systems consist of two wheels placed in a forward position relative to the center of gravity, making them prone to a dangerous phenomenon called "ground looping". This occurs when the tail of the aircraft bypasses the center of gravity, causing the pilot to lose control of the plane's direction. Additionally, the smaller size of the tires attached to tailwheel units increases the risk of the propeller tripping over holes in the ground.
To address these disadvantages, airliners are increasingly adopting electrically-controlled landing gear and anti-skid brake management systems to improve the reliability, accuracy, and safety of their aircraft. This shift towards next-generation technologies is expected to drive growth in the aircraft landing gear market.
North America to Hold Lion’s Share in the Market; Asia-Pacific to Showcase Impressive Growth
The market size in North America stood at USD 4.15 billion in 2018 and the region is foreseen to dominate the aircraft landing gear market share in the forthcoming years. The main reason attributable to the region’s dominance is the presence of well-established OEMs that are making large investments in advanced aviation technologies and coming out with new-age solutions. In Asia-Pacific, the market is expected to grow at an impressive rate owing to the increasing delivery and sale of commercial and low-cost carriers in China and India.
Exciting Collaborations to Infuse New Energy in the Market
The aircraft landing gear market report highlights that this market is poised to experience an exciting period of intense competition. This is because some of the leading companies are engaging in technological collaborations to diversify their offerings and deepen their hold on the market.
January 2020: Collins Aerospace Systems teamed up with Magellan Aerospace Corporation under which Magellan will supply Collins nose landing gear units for the latter’s B737 aircraft fleet. Valued at around CAD 52 million, the deal will involve delivery of titanium components from Magellan’s Ontario facility.
January 2019: Liebherr-Aerospace announced that it had commenced the 3D printing of components under its partnership with Airbus. The German aircraft manufacturer will begin supplying nose landing gear brackets for the Airbus A350 XWB.